Construction is fast-paced and involves remote sites. A lot of money that belongs to others passes through a company's books. Capturing this information with a good accounting system and accurately interpreting it is essential.
DON'T DELEGATE ACCOUNTING TO MIDDLE MANAGEMENT
Contractors often are forced to rely on middle managers for financial information. But if you don't understand where the numbers come from, then you can't understand what the numbers mean. You'd just be listening to the opinion of the bookkeeper. Top management must be responsible for this crucial side of a growing business. Contractors must stay close to it or bring in the qualified senior talent to do it.
The most serious problem in the construction business is the understating of payables. If you don't know what you owe, then you'll never know your financial condition. Any distortion of financial data is simply unacceptable. You need to know if you're making or losing money, and how much.